Gold rises as U.S. dollar weakens

By Xu JingUnreguser
  • World
  • Friday, 02 Dec 2022

CHICAGO, Dec. 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar fell.

The most active gold contract for February delivery rose 55.3 U.S. dollars, or 3.14 percent, to close at 1,815.2 dollars per ounce.

Gold settled at its highest since Aug. 12.

Economic data released Thursday are mixed. The U.S. Commerce Department reported that the U.S. personal consumption expenditures price index increased 0.3 percent in October. Excluding food and energy, the index rose 0.2 percent, slightly below the estimate.

The Institute for Supply Management said the U.S. manufacturing activity index decreased to 49.0 in November from 50.2 in October, the lowest reading since May 2020 and the first time since then that it fell below 50, the threshold that separates expansion from contraction.

The U.S. Commerce Department reported that U.S. construction spending dropped 0.3 percent in October after gaining 0.1 percent in September.

The U.S. Labor Department reported 225,000 initial jobless claims in the week ending Nov. 26, a decrease of 16,000 from the previous week's revised level.

The S&P Global U.S. manufacturing purchasing managers index came in at 47.7 in November, down by 2.7 index points from October's reading. The figure indicated the sharpest decline since June 2020.

Silver for March delivery rose 1.06 dollars, or 4.87 percent, to close at 22.841 dollars per ounce. Platinum for January delivery rose 15.6 dollars, or 1.5 percent, to close at 1,054.9 dollars per ounce.

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